Cool Company Q1 2024

Announced today (05/22)

  • Rev of $88.1M (includes about $9M from non-shipping sources)
  • Adj EBITDA of $58.5M
  • Net Income of $36.8M
  • TCE avg for fleet $77k daily
  • Div maintained @ 41c/sh

Mentioned when CLCO announced the news - a 14-year charter with GAIL (India) that secures a charter for one of CLCO’s two newbuild tankers. Vessel delivers in q4 2024/q1 2025 time-frame. Slides 5 & 6 cover the timeliness of the newbuild tankers. Now CLCO gets to add to the benefit with the addition of significant charter backlog. CLCO will see some operational impacts the remaining three quarters of 2024 as four vessels go thru maintenance (Slide 15)